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Aveo Pharmaceuticals Inc (AVEO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Aveo Pharmaceuticals Inc

CIK: 1325879 Ticker: AVEO

Exhibit 99.1

 

LOGO    NEWS RELEASE

FOR IMMEDIATE RELEASE

AVEO Reports 2012 Financial Results and Highlights Recent Accomplishments

CAMBRIDGE, Mass., February 13, 2013

– AVEO Oncology (NASDAQ: AVEO) today reported consolidated 2012 financial results and reviewed key recent accomplishments.

“We continue to make significant progress with tivozanib, including reporting the final overall survival results from TIVO-1, receiving the FDA’s acceptance of the NDA submission and expanding tivozanib clinical development into patients with triple negative breast cancer,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “On the heels of our recent financing, we are continuing to build out our commercial infrastructure and remain focused on preparing for the potential launch of tivozanib in advanced RCC in the second half of 2013.”

Full Year 2012 Financial Results

 

   

Total collaboration revenue for 2012 was approximately $19.3 million compared with $164.8 million for 2011. Revenue in 2012 primarily consisted of a $15.0 million milestone from Astellas recognized upon the acceptance of AVEO’s NDA filing. The decrease compared to 2011 is primarily due to revenue recognized in conjunction with the signing of AVEO’s collaboration agreement with Astellas, as well as revenue from AVEO’s collaboration agreements with OSI, Centocor, and Biogen that did not recur during 2012.

 

   

Research and development (R&D) expense for 2012 was $91.4 million compared with $101.7 million for 2011. The decrease in R&D expense was primarily due to a decrease in licensing costs, largely related to a decrease in payments to Kyowa Hakko Kirin, a decrease in manufacturing costs for ficlatuzumab and a decrease in clinical trial costs. These decreases were partially offset by an increase in personnel-related expenses.

 

   

General and administrative (G&A) expense for 2012 was $36.9 million compared with $29.2 million for 2011. The increase in G&A expense was primarily driven by an increase in personnel-related expenses, expenses related to pre-commercialization activities for tivozanib, and an increase in rent expense, largely related to AVEO’s future headquarters.

 

   

Restructuring expense for 2012 was $2.6 million, with no corresponding expense for 2011. The restructuring expense related to the company’s strategic restructuring, which the company announced on October 30, 2012.

 

   

Net loss for 2012 was $114.4 million, or basic and diluted net loss per share of $2.64, compared with net income of $30.6 million, or basic and diluted net income per share of $0.77 and $0.74, respectively, for 2011.

 

   

AVEO ended 2012 with cash, cash equivalents and marketable securities of $160.6 million.

Financial Guidance

Based on current operating plans, AVEO expects to end 2013 with approximately $60 million in cash, cash equivalents and marketable securities, and anticipates that this capital is sufficient to fund its operations into the second quarter of 2014.


The following information was filed by Aveo Pharmaceuticals Inc (AVEO) on Wednesday, February 13, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (deficit)
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (deficit) (parenthetical)
Consolidated Statements Of Operations
(loss) Earnings Per Common Share
(loss) Earnings Per Common Share (tables)
Accrued Expenses
Accrued Expenses (detail)
Accrued Expenses (tables)
Assumptions Used In Black Scholes Pricing Model For New Grants (detail)
Available For Sale Securities (detail)
Basic And Diluted Earnings Per Share (detail)
Collaboration And License Agreements
Collaborations And License Agreements - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Common Stock And Warrants
Common Stock And Warrants (tables)
Company Net Deferred Tax Assets (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Employee Stock Purchase Plan
Employee Stock Purchase Plan - Additional Information (detail)
Future Annual Minimum Lease Payments (detail)
Future Minimum Payments Under Loans Payable (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Loans Payable
Loans Payable (tables)
Loans Payable - Additional Information (detail)
Marketable Securities In Unrealized Loss Position (detail)
Nature Of Business And Organization
Nature Of Business And Organization - Additional Information (detail)
Potentially Dilutive Securities Excluded From Calculation Of Diluted Net Loss Or Earnings Per Share (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Quarterly Results Unaudited - Additional Information (detail)
Reconciliation Of Expected Income Tax Benefit (detail)
Reconciliation Of Gross Uncertain Tax Positions (detail)
Restricted Stock Activity (detail)
Restructuring Activity Recorded In Operating Expenses And In Current Liabilities (detail)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Additional Information (detail)
Stock Based Compensation Expense (detail)
Stock Option Activity (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Strategic Restructuring
Strategic Restructuring (tables)
Strategic Restructuring - Additional Information (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Cash Equivalents And Marketable Securities Measured At Fair Value On Recurring Basis (detail)
Summary Of Quarterly Results (detail)
Warrants And Common Stock - Additional Information (detail)
Warrants Outstanding (detail)
Ticker: AVEO
CIK: 1325879
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-101343
Submitted to the SEC: Mon Mar 11 2013 5:18:02 PM EST
Accepted by the SEC: Mon Mar 11 2013
Period: Monday, December 31, 2012
Industry: Pharmaceutical Preparations

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